Frontier theses where the technology is real but the revenue timing is uneven — quantum computing and the cryptographic migration it forces. Both families are tailwinds; the question is which sub-bucket compounds first.
Exposure to the quantum build-out across the value chain — from hyperscalers funding programs, to the picks-and-shovels enabling every modality, to the listed pure-plays betting on a hardware winner.
The mandated cryptographic refresh that the quantum threat forces — incumbents shipping PQC SKUs, and the defense-IT integrators executing federal and DIB migration contracts. Deadline-driven, not threat-driven.
Listed in the Future cluster on the index but not yet a theme in the graph — no names wired. Write-up and edges pending.
Strength chips show how central each theme is to the name's story. Quantum pure-plays are Core (the thesis is the whole equity); hyperscalers and picks-and-shovels carry it as a Peripheral or Significant slice. IBM appears in both families by design — additive edges, distinct mechanisms. The two L1 themes are economically independent (linked only via the shared QUANTUM Topic, not CHILD_OF).